Small business owners often make many financial and personal sacrifices to ensure for the growth of their business. Starting a business is a complicated process and requires that an individual is not only knowledgeable about their specific market, products and services, but also about financial matters.
For small business owners who learn their company is the subject of an IRS audit, the process can be nerve wrecking. This is often especially true of companies that rely largely upon independent contractors to complete work or deal primarily in cash. In addition to reviewing a business' financial records and tax documents, a small business owner should also expect to have their personal financial and tax information scrutinized by IRS agents.